Wednesday

Wednesday soft as corn slips 6 1/2 cents, 674, and wheat off another 14 to 736 1/2.  Beans dropped 9 1/4 to 1539 1/2 and tomorrow is March options expiration.  Rice bear fund sold about 700 contracts new positioning by my estimate as we are down another 24 1/2 to 1702 1/2.  If the get commitments back by next Friday I believe we will se a very unbalanced short position there.  Dow pretty dull and off 83 points, 33,079 and bonds get 15 tics back, 124.18.  All around risk off day.  We might be getting to the edge of where money supply compression is having its intended effect, although M2 is still much higher than I expected for that to come into play.